Bankruptcy In Sacramento

Facing financial difficulty? The United States Bankruptcy Code provides for immediate relief. Bankruptcy can eliminate most of your debts or allow you to restructure the debt in a manner where you can regain control of your finances. Filing a Bankruptcy petition quickly stops attempts by creditors to collect on any debts. The Bankruptcy codes for Chapter 7 and Chapter 13 provide powerful tools designed to protect individuals from law suits, foreclosure, bank levies and wage garnishments. Numerous Sacramento area residents have trusted us to use the bankruptcy code for protection and used these laws as an effective way to eliminate out of control credit card debt, unsecured second mortgages from their home and overwhelming medical bills in Chapter 13.

Chapter 7 Bankruptcy in Sacramento

Living in Sacramento and dealing with extreme credit card debt, medical bills, foreclosures, lawsuits, business losses, and numerous other credit and debt problems? Start by considering filing Chapter 7 with a Sacramento Bankruptcy Attorney.

Chapter 7 Bankruptcy is governed by Title 11 of the United States Code. Chapter 7 defines the liquidation process under bankruptcy law and is the most common bankruptcy filed in the US. Chapter 7 is available to both individuals and businesses and eliminates most of but not all of your debt.

Chapter 7 bankruptcy is where the trustee takes control of the debtor’s property and liquidates assets to pay the debtor’s creditors. Specific exemptions in the liquidation process apply to a debtor, which are defined by California state law. If property falls under a specific exemption it becomes off–limits to the trustee and is retained by the debtor. Many California exemptions apply to a person’s home, vehicle and personal possessions.

When a debtor files their bankruptcy petition the court issues an Automatic Stay, which prevents all creditor’s from pursuing any balances owed from the debtor. This means all foreclosure sales are stopped and collections efforts are halted.

Once the bankruptcy petition has been reviewed by the trustee and judge, and enough time has passed for any creditor to object to the discharge of debt, the court will order all of the debtor’s debts to be wiped out forever. After discharge, the debtor has no obligation to repay those debts; they simply disappear. The discharge gives you a financial fresh start and allows you to begin to rebuild your financial life again. Chapter 7 bankruptcy is only available to an individual or business once every 8 years.

Please call our Sacramento bankruptcy specialist today to discuss whether filing Chapter 7 is best for you.